Selling a Home for the First Time: What to Expect

There’s not much that is more stressful in life than selling your house. This is especially true if it is the first time that you have ever bought or sold a property.

The sheer list of things to do and think about can quickly become overwhelming and the prospect of things like pricing and negotiating can seem extremely daunting. Fortunately, you don’t need to go through the process alone. When you choose to hire a great realtor, you’ve got someone in your corner who will handhold you through the entire experience. They can help make sure that you get a fair and accurate valuation for your property, prepare it for sale and negotiate with potential buyers to get you the offers that you need to secure your next home.

Nevertheless, being prepared and knowing what to expect from selling a home can go a long way to alleviating your concerns and helping you feel in control. Here’s what you need to know about selling a home for the first time.

Hire The Best Realtor

One of the biggest mistakes made by homeowners is deciding to try and skip hiring a realtor in favor of trying to sell their home themselves. Granted, you will pay a fee when you use a realtor (the commission will be based on the value of your sale), but a great realtor will be worth this multiple times over. They can:
 

• Ensure that your property is listed well online, with excellent photos and videos, getting it in front of as many potential buyers as possible.
   

• Give you advice on how to prepare your home for sale, including guidance on removing personal items, room dressing, and more.
   

• Ensure that your home is marketed at an appropriate price based on the others in your area and your requirements.
   

• Review buyer offers, negotiate with them and get the offer that you need.
   

• Sort out everything from then until closing including inspections, reviews, and more.

With so much support, it’s easy to see why a realtor takes much of the stress out of the selling process.

Prepare For Additional Costs

Even when you are selling a home, it’s not a cheap process. There will be additional costs that you should prepare yourself for and include in your budget. These include:
 

• Costs to prepare your home for sale
   

• Staging and cleaning (if you choose professionals to do this)
   

• Real estate commissions (usually 5-6%)
   

• Closing fees, including title fees, escrow fees, property taxes etc
   

• Seller concessions (if agreed)
   

• Storage costs
   

• Moving and relocation costs

If you need further advice on what additional costs to expect, ask your realtor for more advice.

Pre-sale Inspection

Although it’s entirely optional, a pre-sale inspection could save you money in the long run. A pre-sale inspection is a useful tool for identifying any structural or mechanical issues affecting your home before you put it on the market. This is important since significant issues could affect the value and saleability of your home. And if they come to light, later on, it could cost you a sale or a significant sum off of the offer you received to put it right. By having an inspection, you have a chance to rectify any problems ahead of listing your home for sale.

Price Your Home Properly

Again, your realtor will be worth their commission here. Pricing your home is arguably one of the most challenging aspects of selling a property. As a seller, you obviously want to achieve the maximum value you can for your home, but if the market is lackluster, achieving a high price might be hard. Similarly, if the market is hot, you might even be able to get more than you bargained for. A great realtor will help you price your property properly to get you the best deal possible.

Picking The Right Buyer

If you live in an area with high demand and low inventory, it’s likely that you’ll receive a number of offers for your home. However, the highest offer isn’t necessarily the best one – there are various other things that you should consider when choosing the offer that you will accept, including:
 

• How the buyer is paying (cash versus financing)
   

• Type of financing
   

• Whether their mortgage is approved (pre-approval later)
   

• Down-payment amount
   

• Contingencies that they may wish to apply
   

• How quickly they can proceed and are able to close

If you would like more advice on selling a home for the first time, visit Phyllis Cyphers & Associates in Indian Wells, California. Call (714) 323-1175 today.